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India, Lithuania sign tax avoidance deal

India continues to deal on global prospect as India and Lithuania signed an agreement to avoid double taxation. The pact was signed by Prakash Chandra, chairman of the Central Board of Direct Taxes, and Petras Simeliunas, the ambassador of Lithuania on Tuesday. The agreement is a deal towards business profits. Its main agenda states that business profits will be taxable in the source state if the activities of an enterprise constitute a permanent establishment there. Lithuania stands among the first Baltic country with which India has signed a tax avoidance agreement. As a comment from finance minister it said the agreement will raise the flow of technology, investment and services between the two countries. It will surely help both the country economic status.